No, Elon Musk isn't asking you to invest in Twitter - it's a scam

Elon Musk at 2022 Met Gala
(Image credit: Getty Images)

If you come across a website or a YouTube video, in which Elon Musk, or Twitter founder Jack Dorsey, “promote” a cryptocurrency scheme in which you’ll double your investment in a day - know that it’s a scam, that the two tech entrepreneurs/celebrities aren’t promoting any such schemes, and that if you send any of your crypto to the promoted wallets, you’ll never see it again.

Cybersecurity experts from McAfee have uncovered a simple, yet elaborate scheme that has so far raked in more than $1.3 million in various cryptocurrencies for the schemers. The scheme uses no malware, but rather preys on gullible cryptocurrency investors.

The entire operation is simple and involves promoting the scheme through an edited version of an old live panel discussion on cryptocurrency with Elon Musk, Jack Dorsey, and Cathie Wood at Ark Invest’s “The ₿ Word” conference.

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Abusing YouTube

The victims are promised double the investment if they send their cryptos to specific addresses. McAfee has found more than 26 websites promoting the scam, further saying that the number is probably bigger. The websites seem to be showing a list of addresses participating in the scheme, as well as the funds sent, and funds received, to add credibility to the entire thing. However, researchers have found that the scammers actually used JavaScript code to generate a list of random cryptocurrency wallets and amounts paid. 

The fraudsters are also abusing YouTube to promote the scam. In its investigation, BleepingComputer has found nine channels, some with as many as a million subscribers. The figures, however, seem to be fake, as these videos have no other content other than the video promoting the scam.

Elon Musk and Jack Dorsey’s identities are often abused to promote various cryptocurrency scams, mostly because of Musk’s Tesla accepting bitcoin for payment at one point, as well as Dorsey’s vehement support for the nascent technology.

However, they’ve never participated in any giveaways, airdrops, crypto schemes, or anything similar, and most likely never will.

Via: BleepingComputer

Sead Fadilpašić

Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he’s written for numerous media outlets, including Al Jazeera Balkans. He’s also held several modules on content writing for Represent Communications.